Regulatory Outlook | 08.31.20
DOL Fiduciary Rule Hearings to Be Held on Quick Timeline With Limited Testimony
The upcoming early September hearings on the Labor Department’s fiduciary prohibited transaction exemption will differ from those held for the now-defunct Obama-era fiduciary rule. After declining to hold hearings, Labor reversed its position on Aug. 21, stating that it would hold hearings on its fiduciary rule on Sept. 3 and, if necessary, Sept. 4. The Trump administration hearing notice was published in the Federal Register on Tuesday, less than two weeks before the hearing, and provides less than a week to submit requests to testify. The Trump administration is also limiting testimony to those who submitted a comment or requested a hearing.
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